Why is #WallStreet so divorced from reality? A psychological explanation. @ryanlcooper

Noah Smith and Paul Krugman have both noted the strange fact that the financial class, almost across the board, continues to argue for more austerity and a tighter monetary policy, despite the adverse effects these policies could have on the economy as a whole. This kind of blinkered thinking is a hallmark of the 1 percent, which compared to the rest of the country is obsessed with deficit reduction and cutting social insurance.


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